Leading cryptocurrency exchange Binance is set to assist hacked crypto trading platform ETERBASE in recovering funds hackers stole from its hot wallets earlier this month.
In an announcement on Twitter, where ETERBASE revealed it will continue operating despite being hacked for millions worth of cryptocurrency, it also revealed that its investigations show a “big part” of the stolen funds were moved to centralized exchanges Binance, Huobi Global, and HitBTC.
Binance CEO Changpeng Zhao revealed that the firm’s security team was “on this quite early,” and that the trading platform will do what it can to assist in recovering the funds.
On Telegram, ETERBASE revealed that its hot wallets for BTC, ETH, TRX, TZ, ALGO, and XRP were compromised by the hackers. While the firm seemingly did not reveal how much was stolen, some speculate the figure could be in the millions.
At press time, no representatives from Huobi Global and HitBTC commented publicly on the issue. Centralized trading platforms may be able to catch those responsible for the hack – or at least their accomplices – as users have to go through know-your-customer (KYC) checks.
This means that on these platforms tying an account to the address that moved the stolen funds to the exchange is rather easy. Hackers have tried to use Binance to launder stolen funds numerous times, including funds that were received through ransomware attacks.
Earlier this year, the cryptocurrency exchange froze over $27,000 worth of ether associated with the hack of South Korean crypto exchange Upbit in 2019. In that incident, hackers stole a total of 342,000 ETH from its Upbit’s hot wallet.
Featured image via Pixabay.